| Variables | Model 7 | Model 8 |
| Frequency of merger | −0.052(0.344) | −0.052(0.345) |
| Domestic merger | −0.087**(0.038) | −0.086**(0.045) |
| Transaction Value | −0.014**(0.2) | −0.014**(0.209) |
| Relative ratio | 0.00(0.186) | 0.00(0.187) |
| ΔROA[t + 1, t + 36] | 22.678***(0.0001) | 22.661***(0.0001) |
| ΔEfficiency[t + 1, t + 36] | 0.00(0.959) | 0.00(0.959) |
| ΔLoan ratio[t + 1, t + 36] | 0.629(0.169) | 0.631(0.139) |
| ΔRisk[t + 1, t + 36] | 0.163**(0.01) | 0.163**(0.01) |
| ΔCapital ratio[t + 1, t + 36] | 0.02(0.185) | 0.02(0.185) |
| ΔDeposit ratio[t + 1, t + 36] | 0.028(0.176) | 0.028(0.177) |
| ΔAssets growth[t + 1, t + 36] | −0.043(0.771) | −0.043(0.771) |
| Downturn | 0.004(0.952) | |
| Intercept | 0.032(0.608) | 0.031(0.647) |
| Observations | 355 | 355 |
| Adj R-Squared | 0.1259 | 0.1233 |